NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Engaged Capital, an investment firm specializing in small and mid-cap
North American equities and beneficial owner of approximately 400,000
shares of the common stock of Abercrombie & Fitch Co. (“Abercrombie” ,
“ANF” or the “Company”) (NYSE: ANF), today sent a letter to the
Company’s Board of Directors (the “Board”).

In its letter, Engaged Capital highlighted the upcoming expiration of
Abercrombie Chairman and CEO, Michael Jeffries’ employment contract on
February 1, 2014 as an opportunity for the Board to set a new direction
for the Company. Engaged Capital also expressed its concern that no
qualified successor appeared to exist at Abercrombie, and noted that
continuing on the present course under the leadership of Mr. Jeffries’
would further cement the loss of shareholder confidence in the Board.

“Investors in Abercrombie have endured poor performance due to poor
leadership for far too long. The Board needs to come to the same
conclusion that everyone else already has – it is time for new
leadership at ANF. The renewal of Mr. Jeffries’ employment contract
would be a direct contradiction to what shareholders want and the
Company needs. ANF’s future success will be dependent on the Company’s
ability to adapt to a fast changing retail environment, carefully manage
expenses, and efficiently allocate capital. We urge the Board to
immediately commence a CEO search for candidates with relevant retail
apparel and turnaround experience or consider a sale of the Company,”
said Glenn W. Welling, Principal and Chief Investment Officer of Engaged
Capital.

Engaged Capital, LLC, (“Engaged Capital”) was established in 2012 by a
group of professionals with significant experience in activist investing
in North America and was seeded by Grosvenor Capital Management, L.P.,
one of the oldest and largest global alternative investment managers.
Engaged Capital is a limited liability company owned by its principals
and formed to create long-term shareholder value by bringing an owner’s
perspective to the managements and boards of under-valued public
companies. Engaged Capital manages both a long-only and long/short North
American equity fund. Engaged Capital’s efforts and resources are
dedicated to a single investment style, “Constructive Activism” with a
focus on delivering superior, long-term, risk-adjusted returns for
investors. Engaged Capital is based in Newport Beach, California.